Super Stream Changes Our World

Wed 18th Jun, 2014

The ATO has recently implemented changes to employer super contributions that may affect your business. This new reform is known as SuperStream.

As an employer or potential employer you will need to ensure you are ready for the new changes which take effect from 1st July 2014.

What is SuperStream?

SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must report super contributions on behalf of their employees by submitting data and payment details electronically in accordance with the SuperStream standard. All superannuation funds, including SMSFs, must receive contribution details electronically in accordance with this standard.

Employers with 20 or more employees will need to implement SuperStream by 1st July 2014.

Employers with less than 20 employees will need to implement SuperStream by 1st July 2015.

Employers with related party SMSF will not need to use SuperStream for related party employees.

Employers will need to:

Some options to help you meet the standard include:

To help you understand the standard, the Australian Taxation Office (ATO) is sending important information about the standard to all employers with 20 or more employees. Watch out for this letter in the mail in the coming days.

Find out more about the Data and Payment Standard on the ATO website.

Smaller businesses

From 1 July 2015 all employers need to use this system, it is a better place to be, in our view we are a strong believer and proponent in business efficiency. Accordingly giving business the ability to comply with all their superannuation obligations quickly and easily and make payments from within their normal business software is a great step forward.

What does it mean?

Who does it?

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